Co-living space provider CoLive raises Rs.12 crore towards expansion

ANI | Updated: Feb 22, 2018 16:25 IST

New Delhi [India], Feb 22 (ANI): CoLive, a technology-driven platform for rentable branded and serviced homes raised a sum of Rs. 12 crores in its latest funding round, to be utilised towards expanding its presence and to realise its goal of offering 1 million managed homes, in 25 cities across various regions of India.

In addition to this, the company will also use the capital infusion to ramp up its technology infrastructure and enhance its talent pool.

With this round of funding, the company has raised Rs.18 crores in total to pursue their asset-light business model.

"SAR Family Office's investment in CoLive is not only a definite validation of the company's business model, but also an opportunity for us to grow further and help solve the urban living conundrum in India by providing 1 million living spaces. With a strong pipeline of inventory, we are firmly on track to reach our 10,000 beds target in the next couple of quarter," said CoLive founder and CEO, Suresh Rangarajan.

"According to property consulting firm JLL, there is an acute shortage of properties in the student housing market - approximately more than six million beds. This shortage is likely to reach ten million in the next three years due to increased migration of students for higher education and professionals for employment. This is the market that we are targeting, and hope to accomplish our 'Mission Million' i.e., servicing a million homes across 25 cities over the next decade. To reach this goal, CoLive has begun its first phase of expansion by venturing into cities like Vellore and Coimbatore. It aims to reach other locations including Trichy, Thanjavur, Madurai and Amaravathi in the next quarter," he added.

This round of funding was led by the private investment arm of SAR Group Family Office ("Ncubate Capital Partners"), a brainchild of Rakesh Malhotra, Founder and Mentor, SAR Group. (ANI)

iocl